MasterCard Worldwide has announced record growth of its contactless payments technology, MasterCard PayPass, across the Asia/Pacific, Middle East and Africa (APMEA) region in 2012, citing a 28% (YoY) increase in merchant locations.
PayPass now boasts nearly 700,000 merchant locations in 51 countries as of Q4 2012. Growth data reflects a strong demand from consumers for a fast alternative to cash for everyday purchases in region, including those in emerging markets like Vietnam, which last month launched contactless payments for the first time. Australia, Taiwan, South Korea, Singapore, New Zealand, South Africa and United Arab Emirates were credited as key contributors to growth in the APMEA region, and hotbeds for innovation in contactless payments.
- In Australia, more than one-in-ten card transactions under USD100 is now being made with PayPass.
- In Singapore, transactions made using PayPass at last year’s Great Singapore Sale (GSS) grew 100-fold, with total spend up by more than 54%.
- In New Zealand, all new consumer credit and debit cards issued are enabled with PayPass. Consumer-led demand for contactless technology drove uptake among the country’s most popular retailers, including Bunnings, Kmart, The Warehouse, Resene, Repco, and BP.
- In United Arab Emirates, MasterCard collaborated with Network International to expand its contactless payments infrastructure, installing MasterCard PayPass terminals across more than 1000 stores in 2012, and paving the way for contactless mobile payments in the region.
The full report and analysis can be viewed here.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.